President Hu does not often stick his nose into economic issues. But, now he is encouraging the Chinese to try not to make so much money.
Fat chance with that one...not only in China but anywhere.
More importantly, Hu wants the Chinese to spread the benefits of China's boom to the poor as well.
Another very fat chance request....not only in China but anywhere.
The rich are getting richer in China and the poor are getting nowhere. Sounds like a lot of places, doesn't it?
The economy is growing in China. Construction and bank lending are on the verge of spinning out of control...and sooner or later they will go out of control.
Then...loan defaults, inflation and other economic problems will surely follow.
When people think only of themselves...sooner or later it comes back to haunt them.
What do you think?
Economic growth in China is irreversible but the most critical issue is whether 'rapid' or 'stable' growth is more acceptable to the government.
The reason why Hu has placed much emphasis on fair income distribution since early 2006 because the social situation in China is very turbulent. According to the official information, there was a total of 75,000 social riots occurred in non-gateway cities last year.
Posted by: hubert Shea | July 30, 2006 9:22 AM | Permalink to Comment